Press release
NS&I MAKES CHANGES TO ITS FIXED RATE BOND RANGE
15 October 2009
NS&I and the Post Office today announced changes to the way customers can invest in NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds. From Monday 26 October these products will solely be available directly from NS&I (by freephone, online or by post) and no longer available through the Post Office.
NS&I and the Post Office have jointly agreed to this change, which is in part a reflection of the development of the Post Office’s own brand of savings products. These include Post Office Growth Bonds – a very similar range of fixed rate savings bonds to the two NS&I products. The decision also reflects NS&I’s desire to develop its direct sales channels.
The Post Office will continue to offer a wide range of other NS&I savings products - including Premium Bonds and Savings Certificates – which can be purchased over the counter.
Existing NS&I Guaranteed Growth Bond and Guaranteed Income Bond customers will not notice any change as all post-sale servicing and support is already carried out directly through NS&I.
Peter Cornish, Director of Customer Offer, NS&I, said: “We are committed to making our products as straightforward as possible and ensuring that customers understand where they are investing their money. The changes we have jointly agreed with the Post Office will do just that. Our Guaranteed Income Bonds and Guaranteed Growth Bonds will continue to offer customers a simple and straightforward saving opportunity.”
“The Post Office is our key distribution partner and we recognise it is a familiar option for many savers looking to invest with NS&I. Therefore, a wide range of our savings products will continue to be available over the counter in Post Office branches.”
Gary Hockey-Morley, Post Office Limited marketing director, said: “NS&I savings products will continue to be a key part of the ever expanding range of value for money financial services available at Post Office branches. We look forward to continuing our long standing partnership with NS&I well into the future, through providing easy access to a wide range of their savings products through our 12,000 branches which lie at the heart of communities across the UK.”
Customers can invest between £500 and £1 million in total in NS&I’s fixed rate bonds, with guaranteed rates of interest. NS&I’s Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, whilst the interest earned on NS&I’s Guaranteed Growth Bonds is credited to the Bond annually.
NS&I’s fixed rate bonds are available in terms of one, two, three and five years. The two-year term was launched on 13 July this year and is already solely available directly from NS&I.
ENDS
Notes to editors
About NS&I
NS&I is one of the UK’s largest savings provider with almost 27 million customers and over £96 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.
NS&I products are available over the telephone, internet, post and by standing order. Many are also available through a network of Post Office® branches. Customers can also pick up NS&I brochures at retailer WHSmith in over 400 of its High Street stores.
Media team
NS&I has a number of spokespeople available for interviews and our experienced radio team is available via our ISDN line: 020 7602 4522.
The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
| Gareth Headon | 020 7348 9494 | |
| gareth.headon@nsandi.com | ||
| Gill Stephens | 020 7348 9449 | |
| gill.stephens@nsandi.com | ||
| Iman Asante | 020 7348 9301 | |
| iman.asante@nsandi.com | ||
| Monica Del-Villar | 020 7348 9654 | |
| monica.del-villar@nsandi.com | ||
ISDN for interviews | 020 7602 4522 | |
Out of hours | All numbers above diverted to staffed mobile phones | |
